Global Biz

Iran foresees crude price at $100 per barrel

(Xinhua)
Updated: 2010-12-27 15:52

TEHRAN - Iran's OPEC Governor Mohammad Ali Khatibi said that the crude price may reach $100 per barrel, the local satellite Press TV reported on Monday.

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"It is possible that the price of crude reaches $100 per barrel," Khatibi said, but added that since currently there is a balance between supply and demand in the market, "It is unlikely that OPEC would hold an emergency meeting."

"Experts believe there is no need for an emergency OPEC meeting under the stable oil market conditions," he said on Sunday.

US benchmark crude for February delivery on December 23, the last trading day before Christmas, rose for the fifth straight day by $1.03 to hit $91.51 a barrel, its highest since October 2008, while London Brent North Sea crude settled up 60 cents to 94.25 dollars a barrel, also first seen since October 2008.